VitalityLife has entered the short-term income protection market with the launch of a product which will pay out for up to two years on each claim.
The protection provider, which has rebranded from PruProtect after Prudential Assurance Group sold its stake in the firm earlier this month, will underwrite the product on an own occupation basis.
Customers have the option to select ‘Vitality optimiser’, which gives rewards for healthy living such as annual cashback.
VitalityLife chief executive Herschel Mayers says: “We want to make protection more accessible to people and this short-term option provides an affordable solution for customers.”
VitalityLife has also launched a whole of life product designed to help people pay for long-term care.
Money Marketing revealed last month the provider was set to launch the product.
Called LifestyleCare Cover, the plan pays out on death or pays a preselected proportion of the cover if the policyholder suffers an illness which leaves them permanently incapable of looking after themselves.
Following an earlier diagnosis of Alzheimer’s, Parkinson’s or dementia, the policyholder will also receive 20 per cent of their preselected long-term care payment.
Mayers says the product represents “a new category of protection”.
In addition, VitalityLife is launching Mortgage Plus Plan, a product which combines life cover and mortgage incapacity cover.
The incapacity element pays out for up to two years in the event of the policyholder being unable to work through illness, following diagnosis of one of a list of 29 specific conditions, such as cancer, heart attack and stroke.
It allows for multiple claims over the term of the policy and is not underwritten on occupation or financial circumstances.